It seems to me that these will be the following prices for the Honor Gear in Cataclysm as taken from Atlas Loot Advanced for level 85 PvP Honor / Conquest sets:
Head -- 2200
Shoulders -- 1650
Chest -- 2200
Hands -- 1650
Legs -- 2200
And the various offset pieces will range from 1250-1650 each, and the Epic versions of these items that cost Conquest will be the same amount.
Now, let's look at the time it takes to achieve getting even one of these pieces, such as the Head slot item (2200 HP), assuming you are pushing for a near-complete honor set to enter Arena / RBG's with.
-The first Battleground win of the day will result in 90 HP + about 50-100 Honor, so about 140-200
-Subsequent Battlegrounds will only get 45 for a win + 50-100, or about 95-145
-BG Losses will net you about 15 Honor + 20-30, or about 35-45 Honor
This would mean that for one piece of gear, you would need to win about 16 Battlegrounds to obtain one piece.
On average, one BG will take about 15-20 minuites, perhaps longer if you get into a WSG that gets turtled for 25 minuites. For 16 BG's, this would mean at least 240 minuites (16 x 15 minuites) or 6 hours, to obtain one set of gear, at the LEAST. Now this is assuming that you win, key word is "win", 16 in a row. You will need at least 2-3 Losses to be equivalent to one win, which would mean that only getting 10 or so wins, and 15 losses would take you 375 minuites to complete, or about 6.5 hours... for just ONE piece.
If you assume an average of 300 minuites per 2200 honor, also assuming you win a majority of your games, to farm the whole set would take you at least 2480 minuites, or 41.3 hours (About 18200 total Honor divided by 2200, then multiplied by 300).
Let's now look at PvE gear farm times, and assume we will be farming Heroic Dungeons for raiding.
-Heroic dungeons contain on average 3-5 pieces per certain itemization (AGI / Stam, Int/Stam, Str/Stam, Tanking pieces)
-Assuming you do not wipe once, and go fairly quickly through the dungeon, a heroic will take 40-60 minuites
-DPS queue's will be between 15-25 minuites, Healers 1-5 or instant, and Tanks are usually instant.
-In relation to the above point, DPS and Healers do have the option to queue with a Tank, thus eliminating the queue time factor.
-In addition to not only gear drops, you also receive Justice Points for your boss kills and random dungeon completions, which allows you to acquire gear even faster, however I won't factor this into the time it takes.
As any single role, you can expect to get usually at least one piece per Heroic, which would mean filling out a near-complete set of gear will take 850 minuites, or 14 hours (50 min times 17 slots).
(For TL;DR'ers) Now which would you rather do? Spend 41.3 hours to be competetive in an aspect of the game, or spend 14 hours to be competetive?
I certainly won't be looking forward to farming up an honor set.